Bulgarian Yoga Llama raises €1M from the Morningside Hill
Bulgarian yoga startup Yoga Llama has raised over €1 million from the Morningside Hill venture capital fund. The new investment will be spent for the further development and expanding in the USA and Canada.
- Founded in 2022 by Nora Peneva, Yoga Llama develops a self-learning yoga app based on augmented reality, that monitors the performance of yoga poses through a camera and makes corrections instead of a yoga instructor. The startup’s AI-based solution can run between 300–600 detections per minute and identify whether a user is performing a pose. To date, in 2022, the startup raised ts initial personal capital of BGN 350,000.
“Yoga is a way of life that grants the human body every positive quality that any sport can give. Through yoga, people can discover a new way to rest and renew after a long day, find their balance, and connect their physical body with their spiritual self. Through its innovative approach, Yoga Llama aims to provide users with these opportunities wherever they go. All they have to do is pull their phones out of their pockets,”Nora Peneva, founder of Yoga Llama commented.
- Morningside Hill Capital Management is a privately owned investment firm, based in Sofia. The company sector agnostic and focuses on venture capital, private equity, hedge funds, and mutual funds. In 2019, Morningside Hill launched its latest venture capital fund, which is focused on providing growth capital to Bulgarian startups. The fund has €38.5 million under management to be invested in equity minority positions in 25 to 30 companies.
- The fresh investment will enable Yoga Llama to develop the product’s MPV, and expand its team, which currently consists of 20 in-house developers. The startup also intends to expand to the US and Canada, and then Western Europe, Scandinavia, Japan, South Korea, and other regions.